Trading stocks has its advantages. For one, with any stock in the market, I can go onto NexusTrade or the SEC website and see that company’s financial statements. I can judge their business model, their revenue growth, their income, and then use those features to factor into my decision-making process.
|
Analyzing Apple’s Financial Statements using NexusTrade
|
However, trading stocks has a number of disadvantages as well. For one, the stock market has an open and close time. During certain parts of the day, you can’t make any decisions; you have to wait for hours until the market opens. In the same vein, the stock market doesn’t open everyday; it’s closed for weekends and holidays. In addition to this, most stocks aren’t particularly volatile. While we may see an amazing company pull a 100% gain in a year, the vast majority of stocks increase 5–10% on any given year.
|
This is where adding cryptocurrency to your trading strategy can be advantageous. The cryptocurrency market never closes; not on weekends, holidays, or late in the day. Additionally, cryptocurrencies are extremely volatile, which, depending on your risk tolerance, can be an extremely effective way to trade. Last year, Bitcoin’s price increased by 100%, and over the past 5 years, it had a staggering 1000% gain!
|
A backtest of Bitcoin in the NexusTrade app. The grey line is SPY’s performance
|
That is why I’m excited to make an important announcement. NexusTrade, my AI-Powered automated investing platform, officially supports the most popular cryptocurrencies! 🥳 This list includes Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), Chainlink (LINK), and Shiba Inu (SHIB). This article will walk you through how to create, backtest, optimize, and deploy an algorithmic cryptocurrency trading strategy in 2024.
|
|
